AST BlackRock Value Portfolio - Prudential Annuities

The Portfolio invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as the
Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage
Corporation. Unlike Government National Mortgage Association securities, securities issued or guaranteed by
U.S. government-related organizations such as Federal National Mortgage Association, or the Federal Home Loan Mortgage
Corporation are not backed by the full faith and credit of the U.S. government and no assurance can be given that the
U.S. government would provide financial support.
High-yield risk. Investments in fixed-income securities rated below investment grade and unrated securities of similar credit
quality (commonly known as “junk bonds”) may be subject to greater levels of credit and liquidity risk than investments in
investment grade securities. High-yield securities are considered predominantly speculative with respect to the issuer’s continuing
ability to make principal and interest payments.
Foreign investment risk. Investments in foreign securities generally involve more risk than investing in securities of U.S. issuers.
Foreign investment risks include: Changes in currency exchange rates may affect the value of foreign securities held by a Portfolio;
securities of issuers located in emerging markets tend to have volatile prices and may be less liquid than investments in more
established markets; foreign markets generally are more volatile than U.S. markets, are not subject to regulatory requirements
comparable to those in the U.S, and are subject to differing custody and settlement practices; foreign financial reporting standards
usually differ from those in the U.S.; foreign exchanges are smaller and less liquid than the U.S. market; political developments
may adversely affect the value of the Portfolio’s foreign securities; and foreign holdings may be subject to special taxation and
limitations on repatriating investment proceeds.
Market and management risk. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly
sharply and unpredictably. All decisions by an adviser or subadviser require judgment and are based on imperfect information.
Additionally, the investment techniques, risk analysis and investment strategies used by an adviser or subadviser in making
investment decisions for the Portfolio may not produce the desired results.
Derivatives risk. A derivative is a financial contract, the value of which depends upon, or is derived from, the value of an
underlying asset, reference rate, or index. The use of derivatives involves a variety of risks, including: the risk that the counterparty
(the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the
Portfolio; certain derivatives and related trading strategies create debt obligations similar to borrowings, and therefore create,
leverage, which can result in losses to the Portfolio that exceed the amount the Portfolio originally invested; certain
exchange-traded derivatives may be difficult or impossible to buy or sell at the time that the seller would like, or at the price that
the seller believes the derivative is currently worth, and privately negotiated derivatives may be difficult to terminate or otherwise
offset; derivatives used for hedging may reduce losses but also reduce or eliminate gains or cause losses if the market moves in a
manner different from that anticipated by the Portfolio; and commodity-linked derivative instruments may be more volatile than
the prices of investments in traditional equity and debt securities.
Asset Transfer Program Risk. The Portfolio is used in connection with certain benefit programs under Prudential variable annuity
contracts, including, certain “guaranteed minimum accumulation benefit” programs and certain “guaranteed minimum
withdrawal benefit” programs. In order for Prudential to manage the guarantees offered in connection with these benefit programs,
Prudential will monitor each contract owner’s account value from time to time and will systematically transfer amounts between
the Portfolio and other Portfolios (or, for one guaranteed minimum withdrawal benefit program, the insurer’s general account) as
required by certain non-discretionary mathematical formulas. Such pre-determined mathematical formulas may, however, result in
large-scale asset flows into and out of the Portfolio and subject the Portfolio to certain risks. Such pre-determined mathematical
formulas could adversely affect the Portfolio’s investment performance by requiring the subadviser to purchase and sell securities
at inopportune times and by otherwise limiting the subadviser’s ability to fully implement the Portfolio’s investment strategies. In
addition, these pre-determined mathematical formulas may result in relatively small asset bases and relatively high operating
expense ratios for the Portfolios compared to other similar funds.
Expense risk. Your actual cost of investing in the Portfolio may be higher than the expenses shown above under “Annual Portfolio
Operating Expenses” for a variety of reasons, including, for example, if the Portfolio’s average net assets decrease significantly.
Past Performance. A number of factors, including risk, can affect how the Portfolio performs. The bar chart and table provides
some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and
by showing how the Portfolio’s average annual returns for 1 year and since inception of the Portfolio compare with those of a
broad measure of market performance. Past performance does not mean that the Portfolio will achieve similar results in the future.
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